Global Economy and Adopting New Technology

To compete in this global economy it is important to adopt latest technologies. Better technologies can improve the way of your business. To stay competitive with the employees and consumers, businesses should adopt technologies and upgrade it according to the world.

By keeping in mind the needs and wants, companies need to change their strategies according to the consumers because “Customers are King”.

Benefits of Adopting New Technology

Technology can help you in your business in many ways. Few of those methods are being discussed below;

1. By using the technology you get faster payrolls
2. People are able to see your products online
3. With the help of technology, you can have a quick check on your stock
4. You can save your time money and energy by using technology
5. You don’t have to keep registers for writing records, all information could store in the database which is easily accessible.

Responsibility of Company Executives to Adopt Latest Technology

It is very important for the companies to adapt to the latest technologies. It is the duty of the organizations to understand the needs and wants of customers and makes a product that must satisfy them.

It is important because at the end all efforts are made to satisfy customers and make them loyal to your brand for the long period of time. If customers are happy with your brand then they will recommend your brand to their friends and family. Positive word of mouth is the best and strongest way to create awareness and generate traffic towards the brand.

Disadvantages of Not Adopting New Technology

If companies do not modify their technologies according to the trend then they will suffer a loss. Nowadays people like to use latest things with up to date technologies. This is the world of status. Everyone is looking for latest things to prove them rich and modern. So in this world,out dated if you are using outdated technology, no will come and buy that product. Even middle class people don’t prefer to buy out dated things. Adapting latest technologies help organizations as well.

Those companies who stuck to their old technologies shut down or faced a great loss. There are many real life examples of companies who stuck to their old strategies and did not modify their products with latest technologies.

Now we have not seen those companies anywhere because those companies failed. As a result, those few companies shut down or sole their brands. Few examples of such brands are; Kodak, Blackberry, Nokia and many more.

Kodak was a company of photography with old cameras. Company’s competitive philosophy thought that nothing is more important than the value of their brand name and quality it stands for. We must maintain our quality.

We don’t need to adapt to new digital photography. Our customers will remain loyal to our brand. But he was wrong. It never happened anyway like he though. People move away from Kodak to digital photography. And as a result, company faced loss.

That’s why it is important to make products what customers want, only then it works. Otherwise, people will move on. Customers have a lot of variety and options in today’s world. There is not a big deal to move on and chose other brands which they think is better than yours.